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re: U.S. Gasoline Prices Continue to Drop…Possible result of U.S. economic concerns?
Posted on 8/6/24 at 7:30 am to AwgustaDawg
Posted on 8/6/24 at 7:30 am to AwgustaDawg
quote:
Adjusted for inflation average gas prices since Biden took office are slightly under 3% higher than the previous administration.
1
Posted on 8/6/24 at 7:34 am to LNCHBOX
How can the price really drop when there is insatiable demand?
Posted on 8/6/24 at 7:34 am to i am dan
quote:
Well, the dems shouldn't have released Covid onto the world....
I don’t normally respond to such idiotic takes, but the idea that the U.S. oil industry collapsed under Trump was because of Covid isn’t true. There were more than 500 industry bankruptcies in the U.S. under Trump that took place prior to 2020. The Saudis either worked him over or his family was getting paid to crush the Saudi competition in the U.S.
Anyone who followed energy stocks over the last decade, knows that 2015-2019 was a horrible time to invest in US energy companies.
Posted on 8/6/24 at 7:35 am to ragincajun03
The good news is O&G baws never have to worry about losing
Posted on 8/6/24 at 7:39 am to KiwiHead
quote:
Enjoy the prices for now. They'll go down for a little while longer....then someone will inevitably try to throttle it like the Saudis did 10 years ago
For some reason all the posters on this board think of that as the best days for the country.
2015 was a disaster that didn’t end until after Covid. Yet people claim that was when the U.S. became energy independent. It was actually the exact opposite.
Posted on 8/6/24 at 8:28 am to dukke v
quote:
9.8 million barrels per day… that’s a stunning amount. It makes one wonder how much will be left in 5 years or so.
Carter said we would run out by the year 2000. Oil ain't running out.
Posted on 8/6/24 at 8:44 am to HeadSlash
quote:
Carter said we would run out by the year 2000. Oil ain't running out.
In his defense, the technology used today to retrieve much of the oil we are producing didn’t exist when he made that statement.
Posted on 8/6/24 at 8:58 am to Motownsix
quote:
When Trump was in office the U.S. was being flooded by cheap Saudi oil that decimated the U.S. energy industry. Billion of $$$ in U.S. investments were being lost.
The U.S. energy industry is in the best shapes it’s been in over a decade. Trump’s presidency was a disaster for the U.S. oil industry.
Haynes Boone Oil Report
The crash started in 2014, before Trump took office. It was a bloodbath for us baws. We were finally exporting oil for the first time under the Trump administration.
Posted on 8/6/24 at 9:04 am to dukke v
quote:
how much will be left in 5 years or so
a lot
Posted on 8/6/24 at 9:40 am to udtiger
quote:
Recessions tend to result in lower prices due to reduced demand.
Yep.
We saw it in late 2008 to early 2009 with the crash. Then early 2016 with the ‘15/16 recession, and again Spring 2020 when Covid and government responses hampered commerce and business. Curious how low they might get with this current economic situation.
Posted on 8/6/24 at 9:42 am to Motownsix
quote:
Anyone who followed energy stocks over the last decade, knows that 2015-2019 was a horrible time to invest in US energy companies.
Little if at all due to Trump. The shale boom had companies focused on unrestrained growth at all costs and almost no fiscal discipline, even after companies swore to be smarter after the 2014-2015 fall. Hopefully they FINALLY learned their lesson after 2020.
Posted on 8/6/24 at 9:47 am to 3deadtrolls
quote:
We were finally exporting oil for the first time under the Trump administration.
We exported oil before Trump. Legislation was passed in 2015 that gave a ton more freedom to export crude oil overseas.
Under Trump we became a net exporter of crude oil and “other petroleum products”, and we still are.
Posted on 8/6/24 at 9:49 am to Motownsix
“When Trump was in office the U.S. was being flooded by cheap Saudi oil that decimated the U.S. energy industry. Billion of $$$ in U.S. investments were being lost.”
I still remember everyone on here cheering as trump said he was going to talk to his Saudi friends and get them to choke back on production to get prices back up.. of course they did not care.. they wanted to put fracking independents out of business and shut down us drilling.. it worked .. I remember driving by a few drill rig yards and seeing rigs stacked as far as the eye could see.. it was something I had never seen in my life..
It is economic not politics.
I still remember everyone on here cheering as trump said he was going to talk to his Saudi friends and get them to choke back on production to get prices back up.. of course they did not care.. they wanted to put fracking independents out of business and shut down us drilling.. it worked .. I remember driving by a few drill rig yards and seeing rigs stacked as far as the eye could see.. it was something I had never seen in my life..
It is economic not politics.
Posted on 8/6/24 at 10:16 am to ragincajun03
NDHR
This post was edited on 10/2/24 at 7:39 am
Posted on 8/6/24 at 10:28 am to ragincajun03
The dems will do everything to make it appear the economy is doing well, from lowering gas prices and cutting the interest rates.
Posted on 8/6/24 at 10:28 am to Woolfpack
The Dems will continue to take credit for price drops due to demand destruction. Which while true, isn’t something anyone should be proud of.
Posted on 8/7/24 at 12:29 am to ragincajun03
quote:
Little if at all due to Trump. The shale boom had companies focused on unrestrained growth at all costs and almost no fiscal discipline, even after companies swore to be smarter after the 2014-2015 fall. Hopefully they FINALLY learned their lesson after 2020.
After the 2016 election I put some money in o&g companies that weren’t in terrible positions with their debt. I thought that Trump would back the U.S. companies and rumble with the Saudis. It just never happened. I think his advisors told him he’d get more love for having cheap foreign oil in the country than saving the U.S. industry and having the price at the pump go up a bit. IDK why or what people did what they did, but I really expected more from a Republican president.
Posted on 8/7/24 at 12:39 am to Thecoz
quote:
When Trump was in office the U.S. was being flooded by cheap Saudi oil that decimated the U.S. energy industry. Billion of $$$ in U.S. investments were being lost.
quote:
I still remember everyone on here cheering as trump said he was going to talk to his Saudi friends and get them to choke back on production to get prices back up.. of course they did not care.. they wanted to put fracking independents out of business and shut down us drilling.. it worked .. I remember driving by a few drill rig yards and seeing rigs stacked as far as the eye could see.. it was something I had never seen in my life.. It is economic not politics.
I would think that the people close to Louisiana would know how bad Trump was when it came to oil and gas. Yes it started before he took office but it never got any better while he was there. I can’t be the only person on TD that invested in companies that were positioned to export out of Louisiana prior to the crash. It would be hard to convince me that his family wasn’t on the take when it came to the Saudis.
Posted on 8/7/24 at 12:45 am to ragincajun03
hasn't dropped at all in Florida
Posted on 8/7/24 at 4:05 am to Motownsix
quote:
The U.S. energy industry is in the best shapes it’s been in over a decade. Trump’s presidency was a disaster for the U.S. oil industry.
I’ve heard some stupid shite before but damn son, your parents should have never reproduced.
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